Robbins Umeda LLP Announces an Investigation of SABA Software, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of SABA Software, Inc. (NASDAQ: SABA). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of SABA breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls and misstating the company’s financial results.
On August 6, 2012, the company announced that it has to restate its annual financial results for fiscal years 2011 and 2010, and the quarterly results for the periods within those fiscal years, and for the first and second quarters of fiscal year 2012. The restatement is based on the Audit Committee’s accounting review, which revealed instances of improper time-recording in the company’s professional services business in India. The company also announced that it prematurely recorded revenue on an international transaction in the quarter ended November 30, 2010.
Moreover, the company is assessing whether any adjustments would be required with respect to its financial statements for fiscal years 2009 and 2008. As a result of its accounting review and pending restatement, SABA has delayed the filing of its Form 10-Q for the quarter ended February 29, 2012, and expects that it will delay the filing of its Form 10-K for the fiscal year ended May 31, 2012. On August 16, 2012, as a result of the restatement and delayed filing, SABA received a notification of noncompliance with NASDAQ Listing Rule 52509(c)(1) of the Listing Qualification Department of the NASDAQ Stock Market, LLC.
Robbins Umeda LLP highlights that SABA shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.